Chief executive officer François Bertreau said: “Acquisitions in 2011 (TDG and APC Beijing International) have bolstered our group’s international profile and put us in very good standing in the freight forwarding market. Despite this solid performance, we have remained watchful of changes taking place in our customers’ business, which at the end of the year showed signs of slowing.”

The group said operating profit before goodwill would show an increase for the year. The full annual results will be released on 29th February.